Statement From U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank on July 2009 New Home Sales

The U.S. Commerce Department’s Bureau of the Census today released new home sales data for July 2009. Sales of new single-family houses rose 9.6 percent, a far stronger gain than the expected rise of 1.6 percent. Sales have risen 31.6 percent above their low in January of this year.

“These new numbers are another sign that we have put the brakes on the worst economic downturn in generations,” U.S Commerce Under Secretary for Economic Affairs Rebecca Blank said. “Increased distribution of Recovery Act dollars at the end of the year should continue to encourage economic growth and support the gains that we are just beginning to see.”